ISLAMABAD, Pakistan: The Federal Minister for Finance Miftah Ismail on Saturday said an incentive package for exports would soon be announced.
While addressing the Post Budget Press Conference along with the Special Assistant to Prime Minister on Revenue Haroon Akhtar in Islamabad, Miftah Ismail dispelled the impression that expenditure of departments would increase during next financial year.
The minister said efforts were being made to bring more people to tax net. He also said salaries of the government employees were enhanced in the federal budget 2018-19.
Haroon Akhtar said Federal Board of Revenue (FBR) revenue had doubled during five years of present government.
The special assistant said inflation had been kept at an average of 4.5 percent and fiscal transfers to provinces had increased from Rs 1300 billion in 2013 to Rs 2300 billion in next financial year.
Haroon Akhtar said there would be tax audit once in three year while salaried class had totally been exempt from audit. He said a simplified tax return had also been introduced.
The prime minister’s special assistant also enumerated revenue generation measures proposed in the budget for the next financial year, which included among others increase in excise duty on cigarette and cement, sales tax on steel, restriction imposed on non-filers in respect of purchase of property above four million rupees and gifting of property only to relatives.
Haroon Akhtar said there would be no tax on remittance worth Rs 10 million annually and NADRA data would be shared with banks to trace potential tax payers.
